Calamos Phineus Long/Short Fund (CPLSX)

Choose a class

Overview

The fund seeks strong risk-adjusted and absolute returns across the global equity universe. The fund uses a global long/short strategy to invest in publicly listed equity securities. Alternative investments may not be suitable for all investors.

Key Features

  • Fundamental global approach blends top-down and bottom-up considerations
  • Flexible asset allocation allows for all investment styles, market caps and geographic regions depending on the market environment
  • Comprehensive approach assesses stock, industry, style country and market factors
  • Knowledge-based industry concentration includes technology, communications, media, financials and health care

Portfolio Fit

The fund seeks to provide strong risk-adjusted returns via an alternative solution that complements and diversifies a global or U.S. equity portfolio.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the "Predecessor Fund"). The Predecessor Fund was reorganized into the Fund on 4/6/16, the date upon which the Fund commenced operations. On 10/1/15 the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund ("Phineus"), and Calamos Advisors served as the Predecessor Fund's investment adviser between 10/1/15 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund's assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A and I shares expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance may have been lower.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 2.94%, C Shares 3.67% and I Shares 2.67%.

Morningstar RatingsTM are based on risk-adjusted returns and are through 6/30/21 for the share class listed and will differ for other share classes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly historical performance (reflecting sales charges), placing more emphasis on downward variations and rewarding consistent performance. Within each asset class, the top 10%, the next 22.5%, 35%, 22.5%, and the bottom 10% receive 5, 4, 3, 2 or 1 star, respectively. Each fund is rated exclusively against U.S. domiciled funds. The information contained herein is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Source: ©2021 Morningstar, Inc.

Morningstar Long-Short Equity Category funds hold sizeable stakes in both long and short positions in equities, exchange traded funds, and related derivatives.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Fund Details

As of 7/30/21
Inception Date: 5/01/02
Current NAV: $15.22
$ Change: $-0.16
% Change: -1.04%
Total Net Assets (As of 6/30/21): $540.2 M
Morningstar Category: Long-Short Equity

Morningstar Rating

Morningstar Overall RatingTM Among 179 Long-Short Equity funds. The Fund's risk-adjusted returns based on load-waived Class A Shares had 3 stars for 3 years and 4 stars for 5 years out of 179 and 151 Long-Short Equity Funds, respectively, for the period ended 6/30/2021.

Zephyr Analysis

Zephyr Analysis

key.jpg Create real time reports on performance, risk analysis, peer group analysis, style attribution and more on the Calamos Investment Professional site.

Resources

Calendar Year Total Returns

As of 6/30/21
Date Calamos Phineus Long/Short Fund (NAV) Calamos Phineus Long/Short Fund Load-Adjusted S&P 500 Index MSCI World Index
YTD 2021 11.1 5.8 15.25 13.33
2020 19.52 13.87 18.4 16.5
2019 3.74 -1.17 31.49 28.4
2018 -6.16 -10.6 -4.38 -8.2
2017 8.89 3.71 21.83 23.07
2016 12.49 7.13 11.96 8.15
2015 4.73 -0.29 1.38 -0.32
2014 0.2 -4.52 13.69 5.5
2013 19.98 14.3 32.39 27.37
2012 7.27 2.23 16 16.54

Growth of 10K

As of 6/30/21
Date Calamos Phineus Long/Short Fund S&P 500 Index MSCI World Index
4/30/2002 12:00:00 AM 10000 10000 10000
5/1/2002 12:00:00 AM 10000 10000 10000
5/31/2002 12:00:00 AM 9659.57 9926.3 10023.2
6/30/2002 12:00:00 AM 9787.23 9219.15 9417.1
7/31/2002 12:00:00 AM 9106.38 8500.52 8624.46
8/31/2002 12:00:00 AM 9021.28 8556.37 8642.4
9/30/2002 12:00:00 AM 8978.72 7626.46 7693.81
10/31/2002 12:00:00 AM 9021.28 8297.74 8263.07
11/30/2002 12:00:00 AM 9404.26 8786.15 8710.44
12/31/2002 12:00:00 AM 9276.6 8269.52 8289.98
1/31/2003 12:00:00 AM 8978.72 8052.86 8039.46
2/28/2003 12:00:00 AM 9021.28 7932.07 7901.83
3/31/2003 12:00:00 AM 9063.83 8009.09 7880.1
4/30/2003 12:00:00 AM 9489.36 8668.8 8583.87
5/31/2003 12:00:00 AM 10000 9125.55 9078.64
6/30/2003 12:00:00 AM 10170.21 9242 9239.15
7/31/2003 12:00:00 AM 10255.32 9404.93 9428.55
8/31/2003 12:00:00 AM 10851.06 9588.33 9634.57
9/30/2003 12:00:00 AM 11148.94 9486.5 9695.65
10/31/2003 12:00:00 AM 11531.91 10023.15 10272.93
11/30/2003 12:00:00 AM 11744.68 10111.36 10431.85
12/31/2003 12:00:00 AM 11872.34 10641.6 11088.85
1/31/2004 12:00:00 AM 12893.62 10836.87 11269.27
2/29/2004 12:00:00 AM 12851.06 10987.5 11461.97
3/31/2004 12:00:00 AM 12808.51 10821.7 11390.33
4/30/2004 12:00:00 AM 12382.98 10651.8 11163.32
5/31/2004 12:00:00 AM 12723.4 10797.94 11272.72
6/30/2004 12:00:00 AM 12680.85 11007.85 11509
7/31/2004 12:00:00 AM 12000 10643.49 11136.22
8/31/2004 12:00:00 AM 11914.89 10686.49 11189.68
9/30/2004 12:00:00 AM 12127.66 10802.23 11404.97
10/31/2004 12:00:00 AM 12382.98 10967.29 11686.78
11/30/2004 12:00:00 AM 12723.4 11411.02 12305.83
12/31/2004 12:00:00 AM 12723.4 11799.34 12779.36
1/31/2005 12:00:00 AM 12851.06 11511.79 12494
2/28/2005 12:00:00 AM 12978.72 11754 12895.43
3/31/2005 12:00:00 AM 12765.96 11545.83 12650.42
4/30/2005 12:00:00 AM 12638.3 11326.93 12383.62
5/31/2005 12:00:00 AM 13276.6 11687.24 12613.09
6/30/2005 12:00:00 AM 13489.36 11703.71 12727.74
7/31/2005 12:00:00 AM 13659.57 12138.86 13175.25
8/31/2005 12:00:00 AM 13787.23 12028.15 13280.65
9/30/2005 12:00:00 AM 13659.57 12125.58 13629.4
10/31/2005 12:00:00 AM 13829.79 11923.45 13301.48
11/30/2005 12:00:00 AM 14000 12374.39 13751.86
12/31/2005 12:00:00 AM 14808.51 12378.6 14060.04
1/31/2006 12:00:00 AM 15361.7 12706.26 14690.64
2/28/2006 12:00:00 AM 15574.47 12740.69 14674.92
3/31/2006 12:00:00 AM 16000 12899.95 15004.22
4/30/2006 12:00:00 AM 16127.66 13073.07 15467.7
5/31/2006 12:00:00 AM 16085.11 12696.83 14953.25
6/30/2006 12:00:00 AM 15829.79 12713.97 14955.04
7/31/2006 12:00:00 AM 15617.02 12792.79 15051.65
8/31/2006 12:00:00 AM 16893.62 13097.26 15450.07
9/30/2006 12:00:00 AM 17148.94 13435.17 15638.71
10/31/2006 12:00:00 AM 17063.83 13873.16 16215.94
11/30/2006 12:00:00 AM 17191.49 14136.75 16621.5
12/31/2006 12:00:00 AM 17957.45 14334.66 16963.9
1/31/2007 12:00:00 AM 18000 14551.12 17167.64
2/28/2007 12:00:00 AM 18638.3 14265.91 17085.41
3/31/2007 12:00:00 AM 18808.51 14425.69 17405.42
4/30/2007 12:00:00 AM 19021.28 15064.75 18183.26
5/31/2007 12:00:00 AM 19617.02 15590.51 18710.76
6/30/2007 12:00:00 AM 20595.74 15331.71 18573.05
7/31/2007 12:00:00 AM 21617.02 14856.43 18165.56
8/31/2007 12:00:00 AM 21361.7 15079.27 18159.74
9/30/2007 12:00:00 AM 22468.09 15643.24 19029.6
10/31/2007 12:00:00 AM 22000 15891.96 19617.42
11/30/2007 12:00:00 AM 22638.3 15227.68 18824.48
12/31/2007 12:00:00 AM 22978.72 15122.61 18587.11
1/31/2008 12:00:00 AM 22425.53 14215.25 17170.77
2/29/2008 12:00:00 AM 22170.21 13753.26 17079.76
3/31/2008 12:00:00 AM 22297.87 13694.12 16924.51
4/30/2008 12:00:00 AM 23021.28 14361.02 17827.6
5/31/2008 12:00:00 AM 23319.15 14547.71 18121.58
6/30/2008 12:00:00 AM 21659.57 13321.34 16682.72
7/31/2008 12:00:00 AM 22297.87 13209.44 16279.34
8/31/2008 12:00:00 AM 23617.02 13400.98 16058.1
9/30/2008 12:00:00 AM 22042.55 12206.95 14155.06
10/31/2008 12:00:00 AM 21234.04 10157.41 11474.94
11/30/2008 12:00:00 AM 17957.45 9429.12 10740.08
12/31/2008 12:00:00 AM 18808.51 9529.45 11090.21
1/31/2009 12:00:00 AM 16297.87 8726.21 10121.92
2/28/2009 12:00:00 AM 15106.38 7797.04 9092.73
3/31/2009 12:00:00 AM 18000 8480.06 9783.77
4/30/2009 12:00:00 AM 23617.02 9291.69 10891.2
5/31/2009 12:00:00 AM 25914.89 9811.37 11891.77
6/30/2009 12:00:00 AM 25489.36 9830.8 11843.13
7/31/2009 12:00:00 AM 29361.7 10574.4 12849.8
8/31/2009 12:00:00 AM 31957.45 10956.14 13385.64
9/30/2009 12:00:00 AM 32595.74 11365.02 13923.74
10/31/2009 12:00:00 AM 31872.34 11153.86 13678.96
11/30/2009 12:00:00 AM 32425.53 11822.87 14244.86
12/31/2009 12:00:00 AM 32553.19 12051.28 14505.26
1/31/2010 12:00:00 AM 32212.77 11617.8 13908.51
2/28/2010 12:00:00 AM 32297.87 11977.72 14110.18
3/31/2010 12:00:00 AM 34638.3 12700.57 14991.93
4/30/2010 12:00:00 AM 34765.96 12901.12 15002.42
5/31/2010 12:00:00 AM 33531.91 11870.96 13579.59
6/30/2010 12:00:00 AM 32042.55 11249.52 13119.11
7/31/2010 12:00:00 AM 32510.64 12037.66 14186.22
8/31/2010 12:00:00 AM 29787.23 11494.28 13662.32
9/30/2010 12:00:00 AM 31574.47 12520.14 14941.52
10/31/2010 12:00:00 AM 32127.66 12996.53 15501.83
11/30/2010 12:00:00 AM 31361.7 12998.22 15174.43
12/31/2010 12:00:00 AM 35234.04 13866.9 16295.22
1/31/2011 12:00:00 AM 36808.51 14195.54 16667.24
2/28/2011 12:00:00 AM 37489.36 14681.88 17258.26
3/31/2011 12:00:00 AM 36382.98 14687.75 17096.03
4/30/2011 12:00:00 AM 34723.4 15122.8 17833.21
5/31/2011 12:00:00 AM 34638.3 14951.61 17481.36
6/30/2011 12:00:00 AM 33531.91 14702.37 17211.62
7/31/2011 12:00:00 AM 31872.34 14403.32 16904.05
8/31/2011 12:00:00 AM 31446.81 13620.94 15720.09
9/30/2011 12:00:00 AM 29829.79 12663.38 14368.63
10/31/2011 12:00:00 AM 33234.04 14047.37 15858.95
11/30/2011 12:00:00 AM 32000 14016.32 15480.87
12/31/2011 12:00:00 AM 32765.96 14159.71 15478.09
1/31/2012 12:00:00 AM 35914.89 14794.35 16259.42
2/29/2012 12:00:00 AM 36085.11 15434.05 17062.63
3/31/2012 12:00:00 AM 36893.62 15941.97 17291.39
4/30/2012 12:00:00 AM 35021.28 15841.91 17107.08
5/31/2012 12:00:00 AM 30851.06 14889.79 15646.65
6/30/2012 12:00:00 AM 31361.7 15503.28 16451.67
7/31/2012 12:00:00 AM 30638.3 15718.6 16667.73
8/31/2012 12:00:00 AM 32085.11 16072.64 17098.76
9/30/2012 12:00:00 AM 33702.13 16487.98 17576.16
10/31/2012 12:00:00 AM 33361.7 16183.55 17462.44
11/30/2012 12:00:00 AM 33702.13 16277.43 17695.56
12/31/2012 12:00:00 AM 35148.94 16425.8 18037.8
1/31/2013 12:00:00 AM 36085.11 17276.57 18962.23
2/28/2013 12:00:00 AM 36510.64 17511.1 19003
3/31/2013 12:00:00 AM 36978.72 18167.82 19457.93
4/30/2013 12:00:00 AM 37021.28 18517.86 20084.48
5/31/2013 12:00:00 AM 39744.68 18951.03 20109.99
6/30/2013 12:00:00 AM 39446.81 18696.54 19622.52
7/31/2013 12:00:00 AM 39702.13 19647.89 20661.34
8/31/2013 12:00:00 AM 40765.96 19078.1 20230.34
9/30/2013 12:00:00 AM 40936.17 19676.39 21249.95
10/31/2013 12:00:00 AM 40893.62 20580.92 22086.77
11/30/2013 12:00:00 AM 41617.02 21208.02 22489.64
12/31/2013 12:00:00 AM 42170.21 21745 22973.84
1/31/2014 12:00:00 AM 42808.51 20993.28 22128.17
2/28/2014 12:00:00 AM 43191.49 21953.51 23247.63
3/31/2014 12:00:00 AM 42851.06 22138.14 23294.59
4/30/2014 12:00:00 AM 40553.19 22301.74 23546.18
5/31/2014 12:00:00 AM 39957.45 22825.16 24031.7
6/30/2014 12:00:00 AM 41106.38 23296.73 24471.96
7/31/2014 12:00:00 AM 41574.47 22975.47 24087.01
8/31/2014 12:00:00 AM 42127.66 23894.72 24627.77
9/30/2014 12:00:00 AM 42340.43 23559.71 23969.47
10/31/2014 12:00:00 AM 43702.13 24135.04 24130.3
11/30/2014 12:00:00 AM 44808.51 24784.03 24625.22
12/31/2014 12:00:00 AM 42255.32 24721.58 24238.35
1/31/2015 12:00:00 AM 41872.34 23979.44 23804.97
2/28/2015 12:00:00 AM 45489.36 25357.53 25211.61
3/31/2015 12:00:00 AM 44468.09 24956.63 24833.18
4/30/2015 12:00:00 AM 45787.23 25195.97 25428.43
5/31/2015 12:00:00 AM 46297.87 25519.99 25537.52
6/30/2015 12:00:00 AM 47914.89 25025.92 24953.99
7/31/2015 12:00:00 AM 48340.43 25550.21 25410.15
8/31/2015 12:00:00 AM 47148.94 24008.77 23739.18
9/30/2015 12:00:00 AM 45702.13 23414.79 22874.36
10/31/2015 12:00:00 AM 47404.26 25389.83 24693.56
11/30/2015 12:00:00 AM 45744.68 25465.24 24582.68
12/31/2015 12:00:00 AM 44255.32 25063.65 24160.6
1/31/2016 12:00:00 AM 41531.91 23819.99 22721.35
2/29/2016 12:00:00 AM 42127.66 23787.83 22566.16
3/31/2016 12:00:00 AM 43957.45 25401.6 24113.98
4/30/2016 12:00:00 AM 44638.3 25500.16 24510.89
5/31/2016 12:00:00 AM 44680.85 25958.14 24670.95
6/30/2016 12:00:00 AM 41531.91 26025.37 24406.23
7/31/2016 12:00:00 AM 43446.81 26984.93 25443.98
8/31/2016 12:00:00 AM 44765.96 27022.71 25478.08
9/30/2016 12:00:00 AM 44936.17 27027.84 25624.83
10/31/2016 12:00:00 AM 45829.79 26534.85 25135.65
11/30/2016 12:00:00 AM 49106.38 27517.44 25510.68
12/31/2016 12:00:00 AM 49781.93 28061.46 26130.33
1/31/2017 12:00:00 AM 49824.85 28593.79 26767.13
2/28/2017 12:00:00 AM 50597.33 29729.25 27523.03
3/31/2017 12:00:00 AM 51198.14 29764.03 27835.97
4/30/2017 12:00:00 AM 51584.38 30069.71 28261.86
5/31/2017 12:00:00 AM 50854.82 30492.79 28887.01
6/30/2017 12:00:00 AM 52914.76 30683.06 29009.2
7/31/2017 12:00:00 AM 52828.93 31313.9 29712.39
8/31/2017 12:00:00 AM 52056.45 31409.73 29769.14
9/30/2017 12:00:00 AM 53129.34 32057.71 30449.06
10/31/2017 12:00:00 AM 52914.76 32805.93 31032.16
11/30/2017 12:00:00 AM 53258.08 33812.09 31720.46
12/31/2017 12:00:00 AM 54209.53 34188.08 32159.47
1/31/2018 12:00:00 AM 55469.21 36145.35 33864.88
2/28/2018 12:00:00 AM 54991.4 34813.03 32476.08
3/31/2018 12:00:00 AM 55165.15 33928.43 31789.22
4/30/2018 12:00:00 AM 55252.02 34058.72 32174.18
5/31/2018 12:00:00 AM 54557.03 34878.85 32406.16
6/30/2018 12:00:00 AM 54166.1 35093.36 32402.59
7/31/2018 12:00:00 AM 54817.65 36399.18 33422.95
8/31/2018 12:00:00 AM 54426.72 37585.43 33852.1
9/30/2018 12:00:00 AM 53080.17 37799.29 34054.88
10/31/2018 12:00:00 AM 52732.67 35215.71 31562.4
11/30/2018 12:00:00 AM 53123.61 35933.41 31937.36
12/31/2018 12:00:00 AM 50871.85 32688.98 29520.98
1/31/2019 12:00:00 AM 53173.95 35308.67 31827.75
2/28/2019 12:00:00 AM 53128.81 36442.44 32800.72
3/31/2019 12:00:00 AM 52542 37150.51 33253.7
4/30/2019 12:00:00 AM 53354.51 38654.74 34451.83
5/31/2019 12:00:00 AM 53354.51 36198.23 32494.97
6/30/2019 12:00:00 AM 53625.34 38749.48 34650.04
7/31/2019 12:00:00 AM 54031.6 39306.31 34831.26
8/31/2019 12:00:00 AM 52994.19 38683.7 34135.33
9/30/2019 12:00:00 AM 52586.13 39407.47 34878.11
10/31/2019 12:00:00 AM 52496.73 40261.04 35775.53
11/30/2019 12:00:00 AM 53352.43 41722.51 36789.05
12/31/2019 12:00:00 AM 52776.22 42981.7 37905.23
1/31/2020 12:00:00 AM 52549.28 42964.93 37685.38
2/29/2020 12:00:00 AM 51282.84 39428.06 34516.04
3/31/2020 12:00:00 AM 46672.51 34558.3 29970.62
4/30/2020 12:00:00 AM 50602.34 38988.33 33261.09
5/31/2020 12:00:00 AM 51958.48 40845.34 34889.89
6/30/2020 12:00:00 AM 52363.76 41657.76 35827.38
7/31/2020 12:00:00 AM 50468.19 44006.42 37553.18
8/31/2020 12:00:00 AM 52411.22 47169.6 40077.13
9/30/2020 12:00:00 AM 50650.2 45377.16 38710.1
10/31/2020 12:00:00 AM 50513.44 44170.58 37532.54
11/30/2020 12:00:00 AM 60181.71 49005.49 42347.22
12/31/2020 12:00:00 AM 63070.43 50889.75 44157.56
1/31/2021 12:00:00 AM 59317.74 50375.77 43729.23
2/28/2021 12:00:00 AM 67266.32 51764.63 44864.44
3/31/2021 12:00:00 AM 70878.52 54031.92 46383.1
4/30/2021 12:00:00 AM 72912.73 56915.6 48562.65
5/31/2021 12:00:00 AM 73547.07 57312.87 49290.6
6/30/2021 12:00:00 AM 70068.29 58650.55 50041.79

Annualized Total Returns

As of 6/30/21
TimeFrame Calamos Phineus Long/Short Fund (NAV) Calamos Phineus Long/Short Fund Load-Adjusted S&P 500 Index MSCI World Index
1 Year 33.82 27.44 40.79 39.67
3 Year 8.97 7.22 18.67 15.59
5 Year 11.03 9.95 17.65 15.44
10 Year 7.65 7.13 14.84 11.26
Since Inception 10.69 10.41 9.62 8.72

Risk Adjusted Performance Since Inception

As of 6/30/21
Calamos Phineus Long/Short Fund S&P 500 Index MSCI World Index
4.35 1.3 0
Calamos Phineus Long/Short Fund S&P 500 Index MSCI World Index
0.61 0.62 0.54
Calamos Phineus Long/Short Fund S&P 500 Index MSCI World Index
77.2 97.09 100
Calamos Phineus Long/Short Fund S&P 500 Index MSCI World Index
55.3 90.68 100

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the "Predecessor Fund"). The Predecessor Fund was reorganized into the Fund on 4/6/16, the date upon which the Fund commenced operations. On 10/1/15 the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund ("Phineus"), and Calamos Advisors served as the Predecessor Fund's investment adviser between 10/1/15 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund's assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A and I shares expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance may have been lower.

10k Performance is for the Fund's Class A shares at net asset value and does not include the Fund's maximum front-end sales charge of 4.75%-had it been included, the Fund's return would have been lower. Index data shown is from 4/30/02, since comparative index data is available only for full monthly periods.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

Notes

Alpha is a measurement of performance on a risk adjusted basis. A positive alpha shows that performance of a portfolio was higher than expected given the risk. A negative alpha shows that the performance was less than expected given the risk.

Downside Capture Ratio measures manager's performance in down markets as defined by the named index. A down-market is defined as those periods (months or quarters) in which named index return is less than 0. In essence, it tells you what percentage of the down-market was captured by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside.

Sharpe ratio is a calculation that reflects the reward per each unit of risk in a portfolio. The higher the ratio, the better the portfolio's risk-adjusted return is.

Upside capture ratio measures a manager's performance in up markets relative to the named index itself. It is calculated by taking the security's upside capture return and dividing it by the benchmark's upside capture return.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

Cash Basis or market value calculates the cash value of equities and options.

Delta Adjusted Basis which measures the price sensitivity of an option or portfolio to changes in the price of an underlying security.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index.

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 2.94%, C Shares 3.67% and I Shares 2.67%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Fund Facts

As of 6/30/21
Name Fund S&P 500 Index
Number of Holdings 78 505
Net Assets $540.2 M N/A

Portfolio Composition

As of 6/30/21
Name Delta Adjusted Basis %
Total Long Exposure 111.6%
Total Short Exposure -61.7%
Total Gross Exposure 173.3%
Total Net Exposure 49.9%

Sector Weightings

As of 6/30/21
Sector Delta Adjusted Basis %
Industrials 37.4%
Financials 18.1%
Information Technology 17.4%
Communication Services 10.0%
Health Care 8.0%
Consumer Discretionary 5.2%
Consumer Staples 3.5%
Materials 2.1%
Energy 1.6%
Real Estate 0.0%
Utilities 0.0%
Other -53.4%

Regional Weightings

As of 6/30/21
Region Delta Adjusted Basis %
North America 32.2%
Europe 16.5%
Asia/Pacific 1.2%
Caribbean 0.0%
Latin America 0.0%
Middle East/Africa 0.0%

Largest Holdings

As of 6/30/21
Long Portfolio Sector Weight
Facebook, Inc. Communication Services 5.1
Alphabet Inc- Class A Communication Services 4.9
Air Lease Corp. Industrials 4.4
Natwest Group, PLC Financials 4.4
Raytheon Technologies Corp. Industrials 4.3
Total 23.1
As of 6/30/21
Short Portfolio Sector Weight
Vanguard S&P 500 ETF N/A -48.1
Invesco QQQ Trust Series N/A -5.6
eBay, Inc. Consumer Discretionary -2.4
Target Corp. Consumer Discretionary -2.2
ARK Innovation ETF N/A -1.3
Total -59.6

Market Capitalization

As of 6/30/21
Market CAP Range Delta Adjusted Basis %
<=$0.10bil 0.0%
>$0.10bil<=$5bil 6.9%
>$5bil<=$30bil 12.5%
>$30bil<=$200bil 47.5%
>$200bil -16.2%

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

Exchange traded funds and index options are included in totals but not listed as sectors.

Holdings and weightings are subject to change daily. Holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned.

Market Capitalization statistics are based on common stock holdings.

Exposure is shown as a percentage of fund net asset value. Delta adjusted basis exposure is calculated by Calamos Advisors LLC and is specific only to that point in time since a security's delta changes continuously with market activity.

Notes

Gross Exposure refers to the sum of the absolute value of a fund's long positions and short positions. 

Net Exposure is the difference between a fund's long positions and its short positions.

S&P 500 Index-Is generally considered representative of the U.S. stock market.

Sector Weightings percentages are based on invested portfolio and are subject to change. Other includes securities that do not have a sector classification.

Delta Adjusted Basis which measures the price sensitivity of an option or portfolio to changes in the price of an underlying security.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Total Capital Gains

Year Capital Gains
2016 0.0994
2017 0.1515
2018 0.4381
2019 0.0000

Schedule

Name Frequency
Distributions ANNUAL
Capital Gains ANNUAL

2020 Capital Gains
Capital gains for Calamos Mutual Funds were declared on December 22, 2020. To view the report, click here.

Important Fund Information

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

The performance shown for periods prior to 4/6/16 is the performance of a predecessor investment vehicle (the "Predecessor Fund"). The Predecessor Fund was reorganized into the Fund on 4/6/16, the date upon which the Fund commenced operations. On 10/1/15 the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund ("Phineus"), and Calamos Advisors served as the Predecessor Fund's investment adviser between 10/1/15 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund's assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A and I shares expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance may have been lower.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Please refer to Important Risk Information. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund's maximum front-end sales load of 4.75%. Had it been included, the Fund's return would have been lower.

The funds' gross expense ratios as of the prospectus dated 3/1/2021 are as follows: A Shares 2.94%, C Shares 3.67% and I Shares 2.67%.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Annual Expenses

Name A Shares C Shares I Shares
Gross Expense Ratio 2.94% 3.67% 2.67%

Investment Information

Name A Shares C Shares I Shares
Minimum initial investment $2500 $2500 $1 million
Minimum subsequent investments $50 $50 $0
IRA initial investments $500 $500 N/A

Fund Information

Name A Shares C Shares I Shares
Inception Date 5/01/02 5/01/02 5/01/02
Ticker Symbol CPLSX CPCLX CPLIX
CUSIP number 128120656 128120649 128120631

Sales & Distribution

Name A Shares C Shares I Shares
Sales Load Front-End Level-Load N/A
Maximum Sales Charge 4.75 1.00 N/A
US Bank Fund Number 5084 5085 5086
Dividends ANNUAL ANNUAL ANNUAL
Capital Gains ANNUAL ANNUAL ANNUAL

An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.

The principal risks of investing in the Calamos Phineus Long/Short Fund include: equity securities risk consisting of market prices declining in general, short sale risk consisting of potential for unlimited losses, foreign securities risk, currency risk, geographic concentration risk, other investment companies (including ETFs) risk, derivatives risk, options risk, and leverage risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political instability in less developed countries.

Alternative investments may not be suitable for all investors. The fund takes long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and for hedging purposes. The fund may lose money should the securities the fund is long decline in value or if the securities the fund has shorted increase in value, but the ultimate goal is to realize returns in both rising and falling equity markets while providing a degree of insulation from increased market volatility.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by S&P Global Market Intelligence LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

The Adjusted Expense Ratio, which reflects the total expense ratio excluding the dividend and interest expense on short sales, is as follows: Class A: 1.74%, Class C: 2.48% and Class I: 1.49%. "Dividend and Interest Expense on Short Sales" reflect interest expense and dividends paid on borrowed securities. Interest expenses result from the Fund's use of prime brokerage arrangements to execute short sales. Dividends paid on borrowed securities are an expense of short sales. Such expenses are required to be treated as a Fund expense for accounting purposes and are not payable to Calamos Advisors LLC. Any interest expense amount or dividends paid on securities sold short will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-800-582-6959. Read it carefully before investing.

Calamos Phineus Long/Short Fund Quarterly Commentary

A quarterly update of the Calamos Phineus Long/Short Fund’s performance, positioning, related market commentary and outlook.

Calamos Phineus Long/Short Fund Fact Sheet

The Phineus Long/Short Fund fact sheet provides a snap shot of the investment team, the fund strategy, performance, composition, ratings and returns.

Pursuing Equity-like Returns With a Superior Risk Profile, Since 2002

Illustration of how Calamos Phineus Long/Short Fund (CPLIX) pursued equity-like returns with a superior risk profile over full market cycles, helping investors remain invested.

Calamos Phineus Long/Short Fund Prospectus

This summary contains important information about the Phineus Long/Short Fund investment objective, fees and expenses, principal investment strategies, principal risks and performance.

Statutory Prospectus

You should read the accompanying prospectus and any accompanying prospectus supplement, which contain important information, before deciding whether to invest in our securities.

SAI

The statement of additional information is a supplementary document to the fund’s prospectus and contains additional information about the fund and includes further disclosure regarding its operations.

Semi-Annual Report

The semi-annual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance over a six month period.

Annual Report

The annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund's performance, as well as a comprehensive review of the fund’s activities and financial performance.

Related Blog Posts

More Blog Posts